From the extreme consideration of the eurozone dissolution to the assumption that the European debt crisis has weathered, then to the special love towards the euro, the market sentiment has undergone great changes in the past 9 months. But the stable raise surges of the euro forex rate may not means that this currency has weathered the crisis.
European sovereign debt crises initiated by Greece made the euro has undergone unprecedented impact in the past seven months, from last November to May this year, that has made 16 countries currencies against the US dollar fell by 21%; thus since the beginning of June this year, the forex rate has continued to rise by 9%.
Simultaneously as the Morgan Stanley world stock index increased for five consecutive days, the favourable turn of the market sentiment also promoted the forex rate of the euro against the U.S. dollar and Yen to the 2-month-plus high point. Since July 21, the EUR/USD has accumulated rise nearly by 2%, with the highest point touching 1.3046.
By Catherine
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